Chapter 11

1 Answers. Asked on Apr 19th, 2017 on Bankruptcy - New York
More details to this question:
Hello, I am seeking an attorney to file a small straight forward Chapter 11 respecting a single asset 8 unit residential building in Newburgh. I am very familiar with bankruptcy and it various Chapters but since the property is held in an LLC the court rules of course require me to hire an attorney to file the case. I considered quit claiming the property to myself or family member so I could file in Chapter 13 but I don't want to take on the attendant liability risks from the property and I don't want to run any risk whatsoever of a claim of fraud of any type. Can you help? Thank you, Mr. Harrison
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Answered on Apr 21st, 2017 at 4:11 PM

The filing is not a problem.  The issue is the success of a plan, and what you intend to do.  Also, if the creditor is the bank, you might do better outside of bankruptcy, as there are no trustee fees.

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If you're struggling to pay off your delinquent debts and getting hounded by collection agencies, then it's time to address your financial problems. And filing for personal bankruptcy may be the ideal solution. Whether you're an individual or married couple considering Chapter 7 or Chapter 13 bankruptcy, or a business considering a Chapter 11 reorganization, or a farmer considering Chapter 12, you need the advice and guidance of an experienced bankruptcy attorney. Your lawyer can help determine which form of bankruptcy is right for you, prepare and file all of the paperwork, and advise you throughout the bankruptcy process.
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